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US Treasury will let exemptions to sanctions on five Russian banks expire tomorrow

( May 24, 2022, 20:26 GMT | Official Statement) -- MLex Summary: The US Treasury's Office of Foreign Assets Control said it won't renew a general license that allowed certain transactions with five large Russian banks that have otherwise been sanctioned under the Russian Harmful Foreign Activities Sanctions Regulations. The exemptions permitted under General License 9C will expire tomorrow. The five banks are: State Corporation Bank for Development and Foreign Economic Affairs Vnesheconombank; Public Joint Stock Company Bank Financial Corporation Otkritie; Sovcombank Open Joint Stock Company; Public Joint Stock Company Sberbank of Russia; and VTB Bank Public Joint Stock Company. Exemptions under the license for Alfa-Bank will continue until June 30, and for Alrosa until July 1.Statement follows. See attached general license....

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